View on market: Volatility Prevails, Market is searching for better value

A day after the massive tech rise, Wall Street’s risk-on attitude began to wane, and Asian equities futures fell. Futures for Hong Kong shares down 0.5%, those for Australian benchmark shares declined 0.2%, while contracts for Japanese equities fell 0.6%. The S&P 500 continued to decline on Tuesday, with banks suffering as S&P Global Ratings and Moody’s Investors Service both downgraded some U.S. lenders in the midst of a “tough” market. As credit card delinquencies increased, Macy’s Inc. fell 14%, raising concerns about the health of the consumer. On the eve of its quarterly announcement, Nvidia’s stock dropped 2.8%. West Texas Intermediate and Brent crude were both trading below the $81 per barrel barrier at the same time. The yield on a 10-year US bond was 4.32%, and the price of Bitcoin fell below the 26,000 mark. At 5:21 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 74 points or 0.38% at 19,310.5.

Economic Calendar:

  • USD : Building Permits on 23rd Aug, 2023
  • USD : Services PMI (Aug) on 23rd Aug, 2023
  • INR : RBI MPC Meeting Minutes on 24th Aug, 2023
  • INR : GDP Quarterly (YoY) (Q1) on 31st Aug, 2023

Brokerage Radar:

JEFFERIES ON GRAPHITES ELECTRODES: HEG – Buy, TP Rs 2170; Graphite – Buy, TP Rs 515; HEG/GRIL are export-oriented plays (70%/50% of sales), benefiting from rising adoption of EAF. HEG’s Q1 beat JEFe, but GRIL missed due to impact of inventory write-down on EBITDA

MS ON GSPL: UW. TP cut to Rs 265 from Rs 319; Muted & volatile volume growth keeps us UW; See holdco discount vs its listed subsidiary remaining wide despite upcoming pipeline tariff revision; Prefer GAIL

International Markets

U.S & Europe:

Particulars 22nd August Chg. Chg.(%)
Nasdaq 13505.87 8.28 0.06
Dow 34288.83 -174.86 -0.51
FTSE 7270.76 12.94 0.18
CAC 7240.88 42.82 0.59
DAX 15705.62 102.34 0.65
Dow Fut.* 34371.85 83.02 0.24

Asian markets:

Particulars 23rd August Chg. Chg.(%)
GIFT Nifty 19359.50 45.00 0.23
Nikkei 31962.99 106.28 0.33
Straits Times 3164.72 4.84 0.15
Hang Seng 17787.67 -3.34 -0.02
Shanghai 3097.98 -22.35 -0.72

ADR Watch:

Particulars       22nd August  Chg.       Chg.(%)
Dr. Reddy 71.47 -0.26 -0.36
HDFC Bank 62.96 -0.70 -1.10
ICICI Bank 22.90 -0.21 -0.91
Infosys 16.99 0.11 0.65
Wipro 4.99 0.01 0.20

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.04 -0.06
Brent 84.17 0.17
Gold 1928.60 0.13
Silver 23.562 0.48

FIIs & DIIs:

Particulars   22nd August   21st August
FIIs                          -495.17 -1901.10
DIIs 533.75 626.25

News Update:

Brightcom Group: SEBI has barred Chairman and Chief Executive Officer Suresh Kumar Reddy and its Chief Financial Officer Narayan Raju from company boards for fraud and allegedly misrepresenting financial statements of the company. They are also barred from disposing the shares of the company until further notice, according to an interim order.

Jio Financial Services: The stock hit the 5% lower circuit on Tuesday, as a result of which the scrip will now be removed from all S&P BSE indices on Aug. 29. If JFS continues to hit a lower circuit in the next two days, the removal date will be deferred by another three days.

Mphasis: State-run Life Insurance Corporation of India increased its shareholding in the IT company from 4.99% to 5.05% through open market purchases. The acquisition of shares done on August 21 at an average price of Rs 2,343.58 apiece. Adani Total Gas: Its unit Adani TotalEnergies E Mobility has partnered with Prakriti E-Mobility to develop electric vehicle charging infrastructure in New Delhi with 200 EV charging point. The partnership will function on a revenue sharing model.

Piramal Enterprises: The company has approved raising up to Rs 3,000 via non-convertible debentures in one or more tranches.

Vodafone Idea: The telecom operator plans to clear about Rs 2,400 crore of dues to the government by September, according to a PTI report. The company will clear dues for the June 2023 quarter and spectrum instalment with applicable interest.

BEML: The company bagged a Rs 101 crore order from Ministry of Defence (Army) for supply of command post vehicles.

RITES: The company emerged as lowest bidder in the tender floated by Railway Board. The order value is Rs 65.4 crore for testing and inspection of 60 lakh MT rails for Indian Railways for a period of five years.

NBCC: The company signed an MoU with Delhi Metro to work together in the field of building and infrastructure development in overseas.

Indiamart: The company recieved shareholders’ approval for buyback of 12.5 lakh shares (2.04% stake) at a price of Rs 4,000 (26.9% premium) through a tender offer.

Source: Moneycontrol, Bloomberg Quint, Investing 

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